"It saddens us to confirm media reports that we have terminated our professional relationship with Britney Spears," her management company, The Firm, said in the statement published by People magazine. "We believe Britney is enormously talented, and has made a terrific record. But current circumstances have prevented us from properly doing our job. We wish Britney the best."
The statement didn't offer any other details, but it did confirm a story first reported by CelebTV.com.
The 25-year-old Spears is embroiled in a custody battle with her ex-husband Kevin Federline over their two young sons.
She also is living down scathing reviews of her performance on the MTV Video Music Awards telecast earlier this month.
Hours before her management team announced the parting of the ways, Laura Wasser stepped down as Spears' attorney in the custody fight with Federline.
Wasser said Spears would be in "excellent hands" with her replacement and added, "I don't want anyone to perceive that we're dumping Britney."
Notable deaths of 2014 [PHOTOS]
Lohan bows out of London performances